Letters on the Buffett Rule
A story about a failed proposal for a minimum tax of 30% on millionaires and billionaires -- known as the Buffett rule -- generated several responses.
“The question should be do we want even more money taken out of our economy? There are two opposing views. The first believes that we are better off when the government is in charge of and has more money (communism and socialism). The second believes that we are better off when private citizens are in charge of and have more money (capitalism and free markets). The multiplier effect is always greater when private citizens are in charge of their money as stated by almost all economists. Whether a person is rich or poor, taking more money from anyone weakens our economy. America’s problem is not that tax revenues are too low. Our problem is that government is too big.”
— Jeff Wilson
“Your question assumes the assertion that millionaires are paying a lower rate (percentage) of tax than the average household. Check the facts with the IRS. Millionaires pay an average of 23% while the average household paid 11%. (Source: Michael Medved, 04/17/2012)
“Maybe if enough media sources (like yours) would tell the true story we would expose the lies of this sort.
“So the question is moot.”
— Bruce Hood
“It really doesn’t make as significant a financial difference ($4.5 billion over 10 years) whether the Buffett Rule is passed or not. This just sets a tone where one party favors more equal treatment for all income levels, and the other favors or protects the higher income level people. Some people still believe that ‘trickle down’ economics really works, after years of evidence that it doesn't work. That is so much a part of their DNA that they can't see any other way.
“A more important issue is to let the Bush tax cuts expire for all income levels. That will generate around $226 billion in additional revenue over 10 years that can help to pay down the debt and support programs that can continue to stimulate the economy that is growing, but at too slow a rate.
“Also, the entire tax code needs to be redone to eliminate most of the loopholes that were added for special interest groups of all kinds and determine the correct tax rates and brackets that would be considered ‘fair’ to all income levels, personal and business.
— Wayne Reimer
“My feeling is there should be a flat tax and everyone pays the same percentage no matter what level of income you have. If someone makes $10,000 per year they pay $1,000 if the flat tax rate was at say 10%. If someone is making a million dollars per year they would pay $100,000, the same percentage as any other person. It would be fair to everyone as the percentage is the same, no one gets a free ride, and 10% (if that is the percentage) hurts the citizen making $10,000 per year the same as it would the citizen making a million. No deductions, no tax loop holes; everyone pays the same flat percentage so it is fair to everyone.”
— William S. Bates
R.P. Johnson & Son, Inc.